Battling PPP Loan Fraud With TechnologyThe Role of AI, Other Technologies, in Detecting Payroll Protection Program Fraud
As small businesses apply for loan forgiveness under the Paycheck Protection Program, and banks who made the loans on behalf of the Small Business Administration investigate whether any were fraudulently obtained, fraud-detection technologies will play a critical role, says Frank Mckenna, chief fraud strategist at the security firm Point Predictive.
The Association of Certified Fraud Examiners estimates that perhaps 10% of PPP loans were fraudulently obtained.
In this video interview with Information Security Media Group, Mckenna also discusses:
- Details on PPP loan fraud;
- What technologies can be leveraged to combat fraud;
- What steps are banks taking to combat this fraud.
McKenna is chief fraud strategist at Point Predictive, an AI solutions provider. He has advised more than 200 banks, lenders and finance companies worldwide to help them achieve reductions in fraud. He also provides fraud management tips through his daily blog, FrankonFraud.com.